Crypto Today: Bitcoin remains below $60,000, Ether and XRP rally as $100 million in token unlocks loom


  • Bitcoin struggles under $60,000 on Monday, $46 million in derivatives positions liquidated in the last 24 hours. 
  • Ethereum attempts to recover from the recent crash, back above $2,600 at the time of writing. 
  • XRP rallies nearly 4% and eyes recovery to $0.60, a psychologically important level for the altcoin. 
  • Arbitrum, Sandbox, Starknet, and Avalanche face over $100 million in token unlocks this week. 

Bitcoin, Ethereum, XRP update

  • Bitcoin trades at $59,440 at the time of writing. The largest crypto-asset by market capitalization struggles below $60,000, a key level for traders. Data from Coinglass shows that there were over $46 million in liquidations in the last 24 hours. Bitcoin price hovers around $58,000 after weekend's sell-off
  • Ethereum is crumbling under selling pressure. Ether trades above $2,600 on Monday. Vitalik Buterin’s $8 million ETH transfer on Friday raised concerns among traders as large wallet investors transfer their holdings to exchange wallets. 

Chart of the day

SEI

SEI/USDT daily chart 

SEI recovered from its drop to the August low of $0.2026, back to $0.3066 at the time of writing. SEI’s price rallies nearly 15% at the time of writing on Monday and is likely to extend gains by another 13.42%. The target for SEI is $0.35. 

The Moving Average Convergence Divergence (MACD) indicator shows MACD crossing above the signal line. This is considered a bullish sign for SEI.

SEI could find support in the Fair Value Gap (FVG) between $0.2616 and $0.2813, as seen in the SEI/USDT daily chart above. 

Market updates

  • Marathon Digital Holdings to fund Bitcoin purchases through sale of $250 million of debt, per an official press release. 
  • Binance plans to converting Monero (XMR) to the stablecoin USD Coin (USDC) on September 2 as a part of the delisting process for the token.
  • Sandbox (SAND), Arbitrum (ARB), Starknet (STRK), and Avalanche (AVAX) are to unlock over $100 million in assets this week, data from token.unlock shows. 

Tokenunlock

Token unlocks this week 

The unlocks could increase selling pressure on the assets, negatively impacting prices. 

Industry updates

  • Data from IntoTheBlock shows 66% of the wallet addresses holding Ethereum are currently profitable and most ETH holders are sitting on unrealized losses even with the recent market crash. 
  • If Bitcoin’s price crosses $72,000 it would liquidate over $15 billion in derivatives positions, per Coinglass data. 

Bitcoin

Bitcoin liquidation heatmap

  • The crypto fear and greed index shows extreme fear among traders as Bitcoin struggles below $60,000 on Monday. 

Crypto

Fear and Greed index

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP